HKMA recognizes Arcartera’s work on Digital Blockchain Assets

Arcartera Limited, a Hong Kong-based developer of Blockchain Infrastructure, has received an official letter of appreciation from the country’s monetary authority. Governments around the world are aware of the rapidly changing economic environment brought to us by cryptocurrencies. To keep this goal in the spotlight, they have made a mixed effort to influence the use of these digital assets.

Although a great deal of concern has grown over the regulation of blockchain products, Arcartera Limited has chosen to embrace officially approved government works, unlike many decentralized tokens such as Bitcoin. The team had been developing Web3 Infrastructure for many years, with a particular focus on stablecoins. These are tokens that are usually tied to a fiat, or physical currency, that act as a means of moving in and out of cryptocurrency trading.

Involving governments in improvising and creating their own stablecoins will give them a source to practice conditional cash transfer programs under profitable conditions. Realizing such potential benefits of inducing digital currencies in the current system, Arcartera Limited has made great efforts.

In response to these efforts, Arcartera received an official letter of appreciation from the Hong Kong Monetary Authority (HKMA) on 19 July 2022. This letter was based as a thank you for the consultation and feedback provided on the e-HKD token, a project in which the HKMA plans to set up its digital currency, which will act as a stablecoin.

The e-HKD token will be developed across the blockchain technology and it will significantly act as the electronic Hong Kong dollar for the citizens of Hong Kong SAR. As the HKMA has worked to create this digital innovation, they released a discussion paper earlier this year, which was taken as a basis for the feedback from Arcartera Limited. The letter was sent as a grateful response to such an in-depth overview in line with current conditions.

Speaking of the feedback from Arcartera Limited, it also constituted a complete technical proposal outlining the prospects of the digital innovation along with the risks that would be associated with its creation and use. Arcartera’s founders have laid down their role in building blockchain technology and assorted infrastructure for many years. To receive an official letter from such a recognized government organization is a great endorsement of their work and efforts in the industry.

The team looks forward to the HKMA’s official report on the project to be published in the later months of 2022, which will enable them to provide further cooperation towards positive development. We welcome you to visit www.Arcartera.com and www.HKMA.gov.hk for more information.

Disclaimer
The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication bears no responsibility for your personal financial loss.